How will Romney or Obama's proposed tax plans affect you?

Remember how we mentioned that the government currently spends $1 trillion more each year than it brings in? The tax cuts Romney is proposing could potentially add up to billions of dollars in lost revenue, putting the country deeper in the hole.

The president's budget, on the other hand, still hardly moves the needle when it comes to raising revenue. In fact, it's possible that proposals like the Buffett Rule would cost billions in lost tax revenue if it ends up replacing the current AMT.

Whichever plan you support, both of these tax changes hinge on a strong growing economy and a huge reduction in government spending.

Editor's Note: This article by Cyrus Sanati was originally published on MintLife.